The naira recorded a marginal appreciation against the US dollar in the official foreign exchange market on Tuesday, October 6, 2026, closing at N1,330.87 per dollar on the Nigerian Autonomous Foreign Exchange Market (NAFEM), according to data from the Central Bank of Nigeria (CBN).
This closing rate represented an 82-kobo improvement compared with the N1,331.69 per dollar recorded in the previous session, translating to a 0.06% gain for the local currency. The modest gain came amid a sharp rise in trading activity, as NAFEM interbank forex turnover surged by 334.8% to $313.545 million, up from $72.119 million in the prior session, with 103 deals executed during the trading day.
Naira Depreciates Against Pound and Euro
The dollar gain was not mirrored across all major currencies. The naira weakened against the British pound, falling by N7.31 to close at N1,767.14 per pound, compared with N1,759.83 in the previous session. Similarly, the local currency lost ground against the euro, shedding N5.87 to trade at N1,498.03 per euro, down from N1,492.16 recorded the day before.
In the parallel market, the naira held steady against the dollar, with the exchange rate remaining flat at N1,370 per dollar. This stability in the unofficial market contrasted with the slight movement observed in the official window.
Forex Turnover and External Reserves Rise
The surge in official market turnover was a key feature of the trading session. The jump from $72.119 million to $313.545 million represented a 334.8% increase, indicating heightened liquidity and activity in the interbank market. This spike in trading volume was accompanied by a rise in Nigeria's gross external reserves, which moved closer to the $55 billion threshold.
As of October 2, 2026, the reserves had climbed by approximately $24.99 million to about $54.95 billion. The increase has been attributed to stronger crude oil production, a pickup in foreign portfolio investments, and a slowdown in import-related outflows, according to the report.
Snapshot of Naira Rates in Official Market
Here is how the naira performed against other major currencies in the official market on the day:
- US dollar: N1,330.87
- Pounds sterling: N1,767.14
- Euro: N1,498.03
- Swiss franc: N1,600.76
- SDR: N1,802.78
- WAUA: N1,800.87
- UAE dirham: N362.33
- Riyal: N354.54
- Yuan/Renminbi: N198.50
- Danish krone: N200.37
- South African rand: N80.43
- Yen: N8.42
- CFA: N2.27
The data reflects the Central Bank of Nigeria's official exchange rate reporting, which provides a benchmark for transactions in the official market.
SEC to Introduce New Rules for Brokers
In a related development, Legit.ng reported that Nigeria's Securities and Exchange Commission (SEC) is drawing up tighter rules for companies that offer online foreign exchange and contracts for differences (CFDs) trading to retail customers. The regulator is stepping up oversight of a market that has grown rapidly in recent years.
Under the draft framework, the minimum paid-up capital a company must hold will depend on the type of operation it runs. Market-making brokers would be required to hold at least N3 billion, while brokers operating straight-through-processing (STP) and electronic communication network (ECN) models would need a minimum of N2 billion.
